According to a report in the Wall Street Journal, Walt Disney Co. “dramatically” slashed its advertising budget on social media platforms Facebook and Facebook-owned Instagram.
However, the time frame for Disney’s pullback is not yet clear, according to The Journal. As per Pathmatics Inc, Disney was Facebook’s biggest U.S. advertiser for the first six months of 2020.
This is the latest setback for the following social network, with Disney joining in hundreds of other companies that paused spending on the service. But the report didn’t mention whether Disney is officially joining the ad boycott.
Some companies pulled back due to Facebook’s hate speech policies and other concerns.
Meanwhile, Facebook said that it invests “billions of dollars each year to keep our community safe and continuously work with outside experts to review and update our policies.”
“We know we have more work to do, and we’ll continue to work with civil rights groups, (the Global Alliance for Responsible Media coalition), and other experts to develop even more tools, technology, and policies to continue this fight,” Facebook said.